 Dennis King
(513) 378-5464
ABR,CRS,E-ProComey and Shepherd
Licensed in Ohio
Contact Dennis
Toll Free 800-899-4629
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SELLING THE BEST OF GREATER CINCINNATI FOR 29 YEARS!
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Dennis King
Comey and Shepherd
7870 East Kemper Rd. Cincinnati,OH 45249
(513) 489-2100 Office
(513) 297-0769 Fax
Toll Free: 888-755-5096
Email: dennis@dennisking.com
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TODAY'S BREAKING REAL ESTATE NEWS!
01/27/12
Breaking News! Check out the latest sales data on the Cincinnati Real Estate Market! Just click on the Cincinnati Skyline Photo at the top of the page. There are the latest charts and graphs and an audio overlay to quickly highlight some interesting facts on the charts and graphs. For all your real estate needs call Dennis King at 513-378-5464 in Cincinnati, Ohio with Comey and Shepherd Realtors. I specialize in relocation, first time buyers and my past clients over 1,700, new construction, short sales and foreclosures.
Have Your Home and Business Too by PJ Wade
"Have Your Home & Money Too" remains a key theme in my "Decisions & Communities" column since being well-housed is a vital contributor to financial security, healthy living, career success, and goal achievement in general. In 2012, we’re adding a significant twist on this important real estate and lifestyle goal - an expansion into financial and lifestyle sustainability suitable to living with uncertainty - both exciting and exhausting - over the decades ahead. The age-driven mandatory "end of work" no longer dictates individual futures. Now, living to an independent, active age 100 is no longer news. However, for many, an overhaul of thinking and decision-making processes is essential to creating a desired, secure future, in business and in life.
With 21st-Century goals for real estate ownership and income-earning power aligned to "Have Your Home & Business Too," property owners can experience satisfaction, flexibility, and security for home and finances during the years ahead, whatever happens or doesn’t. Homebased businesses offer many benefits, not the least of which are income tax advantages that keep more money in your pocket, and environmental gains which can reduce carbon footprints. A homebased business (HBB) makes your home a partner in your financial future in a variety of ways, which you will discover as we cover topics from commuting benefits and succession strategies, to using HBB income and tax deductions to increase real estate purchasing power.
Those who maintain the 20th-Century caretaker view of their real estate as something to look after - a financial burden - may become vulnerable to the stereotypic path of "being moved to a home" by heirs or the government since these owners may not have specific, adaptive alternatives in place to cover contingencies, and preserve independence and control. They may also persist with the 20th-Century "everything will turn out alright" false hope, instead of deliberately protecting income with back-up earning strategies.
HBBers know the future evolves from their choices, and is not set in stone. Would you prefer to design the future of your choice, or make the best of what happens?.
•If you don’t take control and command of your life and your future, who will?
•If you don’t use and enjoy accumulated value in your real estate - your equity - who will?
•If you don’t keep control of earning power and maximize tax savings, who will?
•If you don’t strive for purpose in life and for valued community contributions, who will?
The uncertainty of the future plagues many people these days. What they forget is that the future has always been uncertain. Their certainty about tomorrow was ill-founded. This Century’s economic and political upheavals have remind us that we don’t know what and who we can count on beyond ourselves. It’s not radical thinking to take your future in your own hands, it’s the new common sense.
HBBs are as varied as the people who create them and the real estate that houses them. In fact, the only thing HBBs have in common is their homebase. Increasing numbers are partially or entirely online, and more and more are fulfilling alternatives to traditional "cubicle" jobs. Whether you’re a HBBer now or can’t imagine what business you could operate, "Have Your Home & Business Too" lifestyles are within reach, they may just require a non-traditional pathway. Yours may become a full-time career, a commerce hub contracting to other HBBs across the net, or a part-time or seasonal venture which broadens your horizons. Some HBBs grow out of hobbies or interests, while some arise from keen observation and inspired commitment. Others are extensions or specializations drawn from successful careers. Your home may serve as an incubator of a greater venture, or you may have more than one HBB at a time. Your venture may enable you to buy more land or house than you could otherwise afford.
Many people believe the greatest challenge lies in deciding what they want from the future. This misconception arises from weak decision-making skills which lead people to believe that because they have trouble making up their minds on a daily basis, they’ll never succeed at visualizing their future. In reality, problems arise from lack of clarity about the starting point. For instance, deciding on the best route for a trip is difficult when you don’t know exactly where you’re starting from. This uncertainty is compounded by the fact that what got you where you are today has been replaced by different choices and pathways, some better, some not. The future is not about repeating past success or copying that of others, but about re-imagining success and discovering the best path for you based on today’s opportunities, obstacles, technology, and connections, online and off.
Where are you starting from?
•The reasons you bought your current home, cottage, and business real estate are not the reasons you still own these properties. How do you know that holding on to an existing property holds the best long-term benefits for you? Are you knowledgeable about alternatives or just too overwhelmed by the prospect of moving to investigate choices? The information essential to evaluating what makes sense for you real-estate-wise is not in your head. It’s time for expert advice to avoid second-guessing yourself in hindsight. Real estate professionals offer free evaluations to bring you quickly up-to-date with market value. They can also provide a list of options in housing style, location, and investment to trigger forward thinking.
•Your income-earning potential has changed since you bought your real estate. Economic shifts may have negatively or positively impacted long-term prospects for you and your partner. If you don’t want to, or won’t be able to, continue to work and earn as you have, what prospects exist for you now in addition to traditional choices? By investigating how a homebased business could benefit you, you’ll be exploring a widening range of choices, in business and in life.
•By clarifying where you are in your grand scheme of things, you’ll discover gaps, overlooked opportunity, redundancies, and no-longer-relevant activities. Remove the clutter and reveal what to accomplish next, and next….
Start 2012 off on the right path toward the future you choose whether it includes buying real estate or expanding your passion into a HBB:
1.Resolve to do what you want, not what others dictate you should do. Consider the source when you take direction on how to think or implement ideas. Those stuck in the 20th Century may miss unfolding opportunities associated with first-time-in-history shifts in technology and everything else.
2.Talk is cheap. There is only one person to convince - yourself. Commit to yourself on paper. Be specific about what you want to achieve.
3.Be realistic. If you want to alter or eliminate aspects of your life, set reasonable time frames.
4.Identify the steps to success. Break change down into "doable" steps and arrange your strategies to move from step to step as smoothly as possible. Start with a list of giant steps and fill in the gaps.
5.Anticipate setbacks. Set yourself up to win by preparing for a few speed bumps ahead. You know what you traditionally overlook when tackling something new. Set out not to repeat dead-end patterns.
Published: January 10, 2012
Is a Smaller Home for You?
Downsizing??
Studies over the past few years have shown a solid trend regarding home sizes. Buyers today want smaller homes with smaller price tags. During the boom era in the mid-2000's, homeownership was about McMansions and spacious sprawls. The recent recession and continued ailing recovery have made many families rethink their budgets and lifestyles. A 9.1 percent unemployment rate hasn't "helped."
So, this question is posed. How much space does your family really need? This isn't a simple cut and dry question. Every family has different needs and dynamics.
Let's put things into perspective, though. Having a large, show-stopper home doesn't equate with family happiness. Many families in centuries past lived happily in one room cabins and small-scale homes.
There are social benefits to sharing tighter quarters. Some families feel that smaller homes forces more together time, which means more time for bonding and strengthening relationships.
Smaller homes mean reduced costs across the board. Let's examine these for a moment. Property taxes are based on the value of your land and home. While more prestigious neighborhoods and homes within city limits typically pay higher taxes, remember that a smaller home in that same prestigious neighborhood will pay a smaller dollar amount in taxes each year. Maintenance costs are also lower. It costs much less to replace a roof on a 1,000 square foot house than it does on a 6,000 square foot one!
The same goes for home insurance and, let's not forget, the actual purchase price of the home. Reduced size means reduced costs.
Perhaps the most important item is reduced energy costs. Smaller homes take less energy (and money) to heat and cool. Plus, there are fewer rooms and that means fewer lights to be left on!
Today's standard home, according to recent statistics from the Census Bureau’s Survey of Construction, is 2,150 square feet. This is down considerably from the boom era seen just 5 or 6 short years ago.
These standard houses have 2.5 baths and 3 bedrooms. Can your children share a bedroom? You bet. It can teach responsibility, sharing, and how to get along with others. These are all great lessons to learn as a child.
These standard houses also feature a garage, central air, a fireplace, separate dining room, and three miscellaneous rooms. This doesn't sound like a one room shack! It's simply an adjustment from the McMansions that boasted media rooms, exercise rooms, 5+ bedrooms, and a bathroom for every member of the family.
Just 60 years ago, when many people's grandparents or parents were first entering the housing market, the average home was just 1,000 square feet. Quaint and charming, these houses made warm and loving homes.
If you're thinking of entering the housing market and are feeling trapped by shrinking budgets, just remember that smaller houses can be just as charming, functional, and full of love!
Mortgage Rates Keep Falling!
Mortgage Rates Fall, Housing Opportunities Getting Better
by Phoebe Chongchua REALTY TIMES
For four weeks in a row, mortgage rates are seeing historic lows. The 30-year fixed average interest rate fell from 4.09% to 4.01% in the end of September. This marks the lowest rate since 1951.
Also, economists call the 15-year fixed mortgage drop to 3.28% the lowest ever for that loan. It appears they could go even lower as the Federal Reserve announced that it will push long-term rates down further.
These historically low mortgage rates aren't necessarily rapidly selling homes. Across the country contract signings have been down. According to USAToday.com, “July's index fell 5.8% in the Northeast, 3.7% in the Midwest and 2.4% in the West. It rose 2.6% in the South.”
The index of sales agreements, tracked by the National Association of Realtors, showed a 1.2% drop down to 88.6 (100 is considered healthy).
Still the opportunities for homeownership keep getting better. Some markets are more affordable than ever; prices have been cut in half in some metro areas.
Of course, getting a loan can be part of the barrier to entry in the housing market. These days, to qualify for a loan a 20% downpayment coupled with a high credit score are required by some lenders.
Now, a new credit score service being introduced in November claims it will give lenders a more accurate picture of a borrower's outstanding debts. The company's website has a countdown to the release of CoreScore (credit report from CoreLogic). It touts the system as a way to “see borrowers as you've never seen them before.”
Some lenders are being extremely strict because they have difficulty determining previous credit behavior. But according to CoreLogic, everything will soon change. The CoreScore credit report is a supplement, not a replacement for the current credit reporting systems.
According to the company, “The supplemental information the CoreScore credit report provides will expand your view of borrower credit profiles and deliver important insight into unseen risk and opportunities.”
Among the information that the CoreScore report will deliver to lenders are the following:
1.Properties owned—with and without debt obligations Mortgage obligations with companies that may not report to traditional credit reporting agencies
2.Property legal filings, such as notices of default
3.Property tax amounts and payment status
4.Estimated market values on all U.S. properties owned
5.Rental applications and evictions
6.Inquiries and charge-offs from pay-day and online lenders
7.Consumer-specific bankruptcies, liens, judgments and child support obligations
With mortgage restrictions tighter than ever and more supplemental information being offered to lenders about borrowers' debts and credit behavior, it's vital for borrowers to understand the most important qualifying factors that influence lenders.
The chief concern is the ability to repay the loan followed closely by the willingness to repay.
Borrowers can place themselves in better standing with lenders by doing two key things: paying off as much debt as possible before applying for a mortgage. This is always good as it lowers the debt-to-income ratio. Secondly, lenders examine borrowers' track record of repayment to determine how they will behave if they are issued a loan. Making sure that credit behavior is monitored and any discrepancies are handled before applying for a loan will help borrowers have a cleaner record and increase the chances of qualifying for a mortgage.
Can a Landlord Prohibit Smoking?
by Bob Hunt
Is it legal for a landlord to prohibit tenants from smoking in their units and/or other places on the premises? The answer to this question may well vary from state to state, although Federal considerations will be common to all.
In California, the answer to the question has been clarified by the passage of Senate Bill 332 (Padilla) which was signed into law by Governor Brown September 6, 2011. The core of the bill is this: “A landlord of a residential dwelling unit…may prohibit the smoking of a cigarette…or other tobacco product on the property or in the building or portion of the building, including any dwelling unit, other interior or exterior area, or the premises on which it is located…”
After January 1, 2012, if a landlord has such a prohibition in effect, “Every lease or rental agreement…shall include a provision that specifies the areas on the property where smoking is prohibited…”
Suppose the tenant already has a rental agreement or that the landlord has adopted a rule prior to 1/1/2012? The new rules must be communicated in a written “change of terms of tenancy” to be provided according to the requirements of other notices. As the senate bill analysis pointed out, “the length of the notice is important as resident smokers facing new prohibitions on smoking must be given adequate time to move, apply for a waiver…or quit the habit. California already requires a month’s notice for any modification of month-to-month leases.”
Was the new law necessary? A variety of legislative analyses noted that no current law prohibited landlords from enacting such a policy. Nonetheless, bill supporters such as the California Apartment Association noted that the lack of any law had created confusion and that it would be beneficial that a landlord’s right to do so be codified. The Association has stated that “smoking is a major source of conflict between smoking and non-smoking tenants.”
It is good that this matter has been clarified, however, in California at least, other questions remain: OK, landlords can ban the smoking of tobacco products, but what about other substances?
Ever-sensitive to the issues that face their members, the legal department of the California Association of Realtors® (CAR) has produced a memorandum entitled “Medical Marijuana Issues for Realtors®”. It’s not as clear as tobacco.
As a result of California’s “Compassionate Use Act” (a statewide initiative) and Senate Bill 420, The Medical Marijuana Program Act”, “…California laws which provide for criminal penalties…do not apply to persons such as a qualified patient, a person with a state-issued medical marijuana identification card, or a primary caregiver who act in accordance with the requirements of the Compassionate Care Act and SB420.”
Suffice it to say that an inordinate number of Californians meet the criteria for being a qualified patient.
On the other hand, the memo points out, “Marijuana possession, cultivation, processing, etc. are all illegal under federal law with no exceptions.”
So, what is a landlord to do? The CAR position is that, yes, a landlord can prohibit smoking (and possessing) marijuana. This is because, “Most leases, including the C.A.R. residential lease, prohibit the tenant from engaging in conduct that violates the law.” Moreover, the memo notes that a landlord who knowingly permitted illegal marijuana possession or use could expose his property to possible federal seizure.
Still, the discussion goes on to acknowledge that there could be practical problems in trying to enforce a prohibition through action such as eviction. “Even though a lease requirement to obey all laws seems to be a straightforward proposition, it is possible that a state court judge or jury may not view it as applying to a federal law violation. Certain areas have judges and juries which may not see it as their place to enforce federal law violations.”
No one said this was going to be easy.
Published: October 4, 2011
108 Stores with Discounts for Seniors
Gone are the days of your grandmother's "early bird special" at the local diner. As our baby boomers reach retirement age, hundreds of retailers are featuring new and improved discounts exclusively for the 60 and older crowd. Below is a list of senior savings that will help you keep more cash in your pocket. Whoever said getting older was a bad thing, obviously didn't know about these fantastic senior discounts!
Restaurants
Applebee's: 15% off with Golden Apple Card (60+)
Arby's: 10% off (55+)
Ben & Jerry's: 10% off (60+)
Bennigan's: discount varies by location
Bob's Big Boy: discount varies by location (60+)
Boston Market: 10% off (65+)
Burger King: 10% off (60+)
Captain D's Seafood: discount varies on location (62+)
Chick-Fil-A: 10% off or free small drink or coffee (55+)
Chili's: 10% off (55+)
CiCi's Pizza: 10% off (60+)
Culver's: 10% off (60+)
Denny's: 10% off, 20% off for AARP members (55+)
Dunkin' Donuts: 10% off or free coffee (55+)
Einstein's Bagels: 10% off baker's dozen of bagels (60+)
Fuddrucker's: 10% off any senior platter (55+)
Gatti's Pizza: 10% off (60+)
Golden Corral: 10% off (60+)
Hardee's: $0.33 beverages everyday (65+)
IHOP: 10% off (55+)
Jack in the Box: up to 20% off (55+)
KFC: free small drink with any meal (55+)
Krispy Kreme: 10% off (50+)
Long John Silver's: various discounts at participating locations (55+)
McDonald's: discounts on coffee everyday (55+)
Mrs. Fields: 10% off at participating locations (60+)
Shoney's: 10% off
Sonic: 10% off or free beverage (60+)
Steak 'n Shake: 10% off every Monday & Tuesday (50+)
Subway: 10% off (60+)
Sweet Tomatoes 10% off (62+)
Taco Bell: 5% off; free beverages for seniors (65+)
TCBY: 10% off (55+)
Tea Room Cafe: 10% off (50+)
Village Inn: 10% off (60+)
Waffle House: 10% off every Monday (60+)
Wendy's: 10% off (55+)
White Castle: 10% off (62+)
Retail and Apparel
Banana Republic: 10% off (50+)
Bealls: 20% off first Tuesday of each month (50+)
Belk's: 15% off first Tuesday of every month (55+)
Big Lots: 10% off
Bon-Ton Department Stores: 15% off on senior discount days (55+)
C.J. Banks: 10% off every Wednesday (60+)
Clarks: 10% off (62+)
Dress Barn: 10% off (55+)
Goodwill: 10% off one day a week (date varies by location)
Hallmark: 10% off one day a week (date varies by location)
Kmart: 20% off (50+)
Kohl's: 15% off (60+)
Modell's Sporting Goods: 10% off
Rite Aid: 10% off on Tuesdays & 10% off prescriptions
Ross Stores: 10% off every Tuesday (55+)
The Salvation ArmyThrift Stores: up to 50% off (55+)
Stein Mart: 20% off red dot/clearance items first Monday of every month (55+)
Grocery
Albertson's: 10% off first Wednesday of each month (55+)
American Discount Stores: 10% off every Monday (50+)
Compare Foods Supermarket: 10% off every Wednesday (60+)
DeCicco Family Markets: 5% off every Wednesday (60+)
Food Lion: 6% off every Monday (60+)
Fry's Supermarket: free Fry's VIP Club Membership & 10% off every Monday (55+) Great Valu Food Store: 5% off every Tuesday (60+)
Gristedes Supermarket: 10% off every Tuesday (60+)
Harris Teeter: 5% off every Tuesday (60+)
Hy-Vee: 5% off one day a week (date varies by location)
Kroger: 10% off (date varies by location)
Morton Williams Supermarket: 5% off every Tuesday (60+)
The Plant Shed: 10% off every Tuesday (50+)
Publix: 5% off every Wednesday (55+)
Rogers Marketplace: 5% off every Thursday (60+)
Uncle Guiseppe's Marketplace: 5% off (62+)
Travel
Alaska Airlines: 10% off (65+)
Alamo: up to 25% off for AARP members
American Airlines: various discounts for 65 and up (call before booking for discount) Amtrak: 15% off (62+)
Avis: up to 25% off for AARP members
Best Western: 10% off (55+)
Budget Rental Cars: 10% off; up to 20% off for AARP members (50+)
Cambria Suites: 20%-30% off (60+)
Clarion: 20%-30% off (60+)
Comfort Inn: 20%-30% off (60+)
Comfort Suites: 20%-30% off (60+)
Continental Airlines: no initiation fee for Continental Presidents Club & special fares for select destinations
Dollar Rent-A-Car: 10% off (50+)
Econo Lodge: 20%-30% off (60+)
Enterprise Rent-A-Car: 5% off for AARP members
Greyhound: 5% off (62+)
Hampton Inns & Suites: 10% off when booked 72 hours in advance
Hertz: up to 25% off for AARP members
Holiday Inn: 10%-30% off depending on location (62+)
Hyatt Hotels: 25%-50% off (62+)
InterContinental Hotels Group: various discounts at all hotels (65+)
Mainstay Suites: 10% off with Mature Traveler's Discount (50+); 20%-30% off (60+) Marriott Hotels: 15% off (62+)
Motel 6: 10% off (60+)
Myrtle Beach Resort: 10% off (55+)
National Rent-A-Car: up to 30% off for AARP members
Quality Inn: 20%-30% off (60+)
Rodeway Inn: 20%-30% off (60+)
Sleep Inn: 20%-30% off (60+)
Southwest Airlines: various discounts for ages 65 and up (call before booking for discount)
Trailways Transportation System: various discounts for ages 50 and up
United Airlines: various discounts for ages 65 and up (call before booking for discount)
U.S. Airways: various discounts for ages 65 and up (call before booking for discount)
Activities & Entertainment
AMC Theaters: up to 30% off (55+)
Bally Total Fitness: up to $100 off memberships (62+)
Busch GardensTampa: $3 off one-day tickets (50+)
Carmike Cinemas: 35% off (65+)
Cinemark/Century Theaters: up to 35% off
U.S. National Parks: $10 lifetime pass; 50% off additional services including camping (62+)
Regal Cinemas: 30% off Ripley's Believe it or Not: @ off one-day ticket (55+) SeaWorld Orlando: $3 off one-day tickets (50+)
Cell Phone Discounts
AT&T: Special Senior Nation 200 Plan $29.99/month (65+)
Jitterbug: $10/month cell phone service (50+)
Verizon Wireless: Verizon Nationwide 65 Plus Plan $29.99/month (65+)
*Check out our Secret Cell Phone Discounts to view all cell phone discounts available to you!
Miscellaneous
Great Clips: $3 off hair cuts (60+)
Super Cuts: $2 off haircuts (60+)
Since many senior discounts are not advertised to the public, our advice to men and women over 55 is to ALWAYS ask a sales associate if that store provides a senior discount. That way, you can be sure to get the most bang for you buck.
NEWEST APPRAISAL GUDELINE CHANGES!
There is now a requirement that all improvements to the home made in the last 15 years be listed by the homeowner! This is for Conventional Financing and FHA VA will take effect by Jan 1st 2012 but some lenders and investors are requiring it now!
Also
New Appraisal Standards Effective September 1 for Fannie Mae and Freddie Mac
It's finally happened: You've found the perfect home for your clients. Their financing is in place. But then...despite the comparables....the appraisal comes back low, threatening to ruin the whole deal.
To help make appraisals more consistent and accurate, and prevent situations like this in the future, the Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to develop the Uniform Appraisal Dataset (UAD). The UAD will (1) define what fields are required for an appraisal submission and (2) standardize both responses and definitions for certain fields.
Here are just a few of the items impacted by the new appraisal standards:
Days on the Market: Days on market is now defined as the total number of continuous days. If a property is taken off the market and then relisted, the appraiser will have to count all of the days it has been listed.
Offering Price: The original offering price and history of all price changes must be reported.
Property Style: Appraisers must use appropriate architectural design indicators such as "Colonial," "Farmhouse," etc. Descriptions such as 1 story, 2 stories, etc are no longer acceptable.
Condition of the Subject Property: An overall condition rating must be assigned from the predefined condition categories provided.
Quality of Construction: The appraiser must rate the quality of construction of the subject property and all comps using a list of 6 predefined quality levels.
The UAD appraisal standards are required for all appraisals conducted on or after September 1, 2011 for conventional loans sold to Fannie Mae and Freddie Mac.
As bad as this sounds for homeowners now, it should help the banks to get a better evaluation of the property and hopefully prevent low appraisal values from ruining sales in the future!
I have the form for sellers to fill out on this website under forms and documents button to the left of this screen.
Social Benefits of Homeownership
Social Benefits of Housing
Social Benefits of Housing by Carla Hill "Realty Times"
Recent research from the National Association of Realtors (NAR) outlines the importance of homeownership's relationship with the economy, but of the social benefits it provides.
NAR reports, "The economic benefits of the housing market and homeownership are immense and well documented. The housing sector directly accounted for approximately 14 percent of total economic activity in 2009."
What sorts of social benefits are provided through homeownership?
According to the study entitled, "Effects of Homeownership on Children: The Role of Neighborhood Characteristics and Family Income", teens from households of homeownership have a higher rate of staying in school than teens from rental households. In addition, daughters of homeowners also experience a lower rate of teen pregnancy.
In terms of education, in the study, “Measuring the Benefits of Homeownership: Effects on Children,” there have been significant findings that homeownership has a strong positive effect on educational achievement.
The NAR report goes even further to show that "the average child of homeowners is significantly more likely to achieve a higher level of education and, thereby, a higher level of earnings."
Homeowners deal daily with issues pertaining to home maintenance and financial responsibility, something NAR research shows teaches children "life management skills."
Studies have also found that homeownership increases the amount of civic participation in a community. This is due in part to homeowners feeling that they have a higher, more permanent stake in their community and its issues.
For example, a study by Glaeser and DiPasquale found that 77 percent of homeowners said they had at some point voted in local elections, compared with 52 percent of renters.
In addition to these great social benefits, higher levels of homeownership have shown to reduce crime rates in communities. "Homeowners have a lot more to lose financially than do renters. Property crimes directly result in financial losses to the victim. Furthermore, violent non-property crimes can impact the property values of the whole neighborhood. Therefore, homeowners have more incentive to deter crime by forming and implementing voluntary crime prevention programs." (NAR)
For more information about these studies, please visit Realtor.org.
Decorator Colors Through the Years
by Carla Hill
Travel back through time and our homes are a kaleidoscope of color. It seems every generation likes to break the rules of the previous decade and experiment with new colors. Color choices are a response to social and cultural, as well as economic factors.
In the fifties, science introduced new home materials and bright colors were easier to produce on a mass scale. Homeowners embraced this trend with open arms.
According to Kohler, "Expressing optimism for America's continuing prosperity, fashion and interior design led the way with a palette full of "pretty pastels" that were far removed from the drabs of the war years. The exuberance of the late 1950s also showed itself in such striking colors as turquoise, chartreuse and flamingo pink."
The 1960's was marked by a rebellion against the status quo. The hippie movement held hands with the psychedelic journey and popular colors of the day tell that story. While earthy elements were popular, new colors like "blueberry, Citron, Antique Red, Coppertone, Expresso, and Jade" were introduced by such companies as Kohler.
The 1970's saw browns, golds, and green (can anyone say avocado?) that reflected a re-emergence of interest in the environment and in the Southwest.
The 1980's found itself in a recession, where interest rates rose to nearly 20 percent. People turned to home for comfort and country became chic once more. Feminine colors, such as mauve, plum, country blue, and seafoam found their way into everything from counters to carpets.
The 1990's were a time of robust economy. Cities sprawled out into large master-planned suburban communities and with this fast growth came HOA's and restrictions on color choices. Planning allowed communities to maintain their uniformity. Taupe, tan, and other mild colors made their way into homes across the nation.
Today's colors also reflect both an ailing economy and a connection to the world as a whole. The recession of 2009 caused many homeowners to reconsider where they lived and how they spent their money. Many homeowners found themselves upside down in loans and instead of selling, chose to make updates to their current home. There has been a return to more subdued, simple palettes of white and creams.
Modern sensibilities and splashes of global brights have made their way into the mainstream. Cobalt blue, blacks, and rich greens make up today's cool palette. Sand, yellow orange, and a soft red play the warm palette's roles.
Stainless steel is seen in everything from stoves, fridges, and appliances to counter tops and backsplashes.
Decorators aren't afraid of colors, but it is always used in moderation. The themed rooms of the 1980's, where every inch of a bathroom was mauve from the tile and paint to fixtures, are out. Today, you'll find a subtle red accent in a set of pans or on an accent wall.
Published: August 23, 2011
Top Ten IRS Tax Tips for Individuals Selling Their Home
Top Ten IRS Tax Tips for Individuals Selling Their Home
IRS Summertime Tax Tip 2011-15, August 8, 2011
The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.
In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
If you can exclude all of the gain, you do not need to report the sale on your tax return.
If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
You cannot deduct a loss from the sale of your main home.
Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.
If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.
When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.
For more information about selling your home, see IRS Publication 523, Selling Your Home. This publication is available at www.irs.gov or by calling 800-TAX-FORM (800-829-3676).
Links:
Publication 523, Selling Your Home ( PDF)
Form 5405, First-Time Homebuyer Credit and Repayment of the Credit ( PDF)
Form 8822, Change of Address ( PDF)
Subscribe to IRS Tax Tips
Page Last Reviewed or Updated: August 08, 2011
Market Concerns Produce New Record Low Mortgage Rates
MCLEAN, Va., -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates continuing to decline with the 30-year fixed averaging 4.32 percent marking a new low for 2011, and the 15-year fixed, 5-year ARM, and 1-year ARM averaging new all-time record lows this week.
30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.7 point for the week ending August 11, 2011, down from last week when it averaged 4.39 percent. Last year at this time, the 30-year FRM averaged 4.44 percent.
15-year FRM this week averaged 3.50 percent with an average 0.7 point, down from last week when it also averaged 3.54 percent. A year ago at this time, the 15-year FRM averaged 3.92 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week, with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 3.56 percent.
1-year Treasury-indexed ARM averaged 2.89 percent this week with an average 0.5 point, down from last week when it averaged 3.02 percent. At this time last year, the 1-year ARM averaged 3.53 percent.
Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Renewed market concerns about the European debt markets led investors to shift funds into U.S. Treasuries, pushing long-term yields lower. Further, in its August 9th Federal Open Market Committee statement, the Federal Reserve noted that economic growth so far this year had been considerably slower than it expected and that overall labor market conditions had deteriorated in recent months, leading the Committee to conclude that an exceptionally low federal funds rate should be maintained at least through mid-2013. These developments helped to ease mortgage rates lower this week."
"Lower mortgage rates will help to maintain the high degree of home-buyer affordability in the market. The National Association of Realtors® reported that its affordability index over the past three quarters has indicated the highest affordability since the inception of the index in 1970."
Published: August 12, 2011 Realty Trends Inc.
Buying A Home In A Homeowner's Association?
What To Look For And Questions To Ask!
TIP: Investigate Before Promulgate
Gone are the days when you take a listing with a wink and a handshake, the same holds true for writing an offer. The well-advised agent checks out the seller and their financial wherewithal to sell the property as well as the buyer before showing property. When a condo is the subject for a listing or purchase, the next step in the investigation process should be the financial wherewithal of the Homeowner’s Association (HOA). Take the following real life situations to heed:
· An agent prequalifies an FHA buyer, shows condos, writes an offer acceptable to the seller and within days of closing finds out that the delinquency rate of HOA dues is 22% which exceeds the maximum of 15% for FHA and FNMA. – Deal Goes Down
· A buyer’s agent follows the same steps as above and within days of closing finds out that the number of rental units vs. owner-occupied is above the maximum of 49%. – Deal Goes Down
· How about title liens, usually mechanic liens, for unpaid work contracted by the HOA (i.e. roofers, pavers) as well as utility judgments (i.e. unpaid water bills)?
· How about an HOA that is short on reserves?
What to do? Investigate. Adhere to the Contract to Purchase, which states, Paragraph 8:
8. HOMEOWNER ASSOCIATION/CONDOMINIUM/LANDOMINIUM DECLARATIONS, BYLAWS AND ARTICLES: If the Real Estate is subject to a Homeowner Association Declaration or is a Condominium, Seller will provide Buyer with a current copy of the Association Declaration, the Association’s financial statements, Rules and Restrictions, schedule of monthly, annual and special assessments/fees, architectural standards (to the extent not included in the Rules and Restrictions), the Bylaws and the Articles of Incorporation and other pertinent documents (“Documents”)…Buyer shall have the right to disapprove of the Documents…”.
Be proactive rather than reactive. Be you the listing agent or buyer’s agent, ask questions, obtain and review documents, provide information. Investigate before listing the property to determine if the property is “saleable” and under what conditions. Investigate before allowing your buyer to pay for inspection(s) and appraisal only to find out the condo does not qualify for certain loan types.
Even if your client is paying cash or conventional financing, they should have the same information so they can make an informed decision. Would you buy a condo under less than desirable circumstances?
Copyright May 2010
Condominium and Homeowner Association Checklist
A product of the
CINCINNATI AREA BOARD OF REALTORS®, INC.
Approved for exclusive use by REALTORS®
Real Estate known as ___________________________________________________________ (address) Unit Number _____________ ("Real Estate"),
County of ___________________________________________, State of _______________________, Zip code _________________
Seller to make a good faith effort to provide the most current available information checked below (“Information”). Any expenses incurred in the
procurement of the Information shall be the sole responsibility of the Seller.
• Seller to note any unavailable item requested on the Condominium and Homeowner Association Checklist as not available (N/A) and initial beside it.
Name of Unit Owners Association _________________________________________________________________________________________
Condominium Board Contact (officer-name-phone) ___________________________________________________________________________
Management Company Contract (company-name-phone) ______________________________________________________________________
Declaration & Bylaws which submit the property to the provisions of the Ohio Condominium Statute (Chapter 5311 of the Ohio Revised Code).
Condominium Drawings showing this unit, buildings, easements and limited common areas specific to this unit.
Amendments to the Declaration, specifically those affecting this unit or affecting changes in the common or limited common areas.
Articles of Incorporation of the Unit Owners’ Association (assuming that the association has been incorporated).
Rules and Regulations of the Unit Owners’ Association, addressing such issues as number and designation of officers, meetings, quorums,
voting rights, etc.
Financial Statements showing the nature of the association’s assets.
1. Most current balance sheet
2. Most current income and expense statement
3. Current budget
4. A statement of the amount of any assessment against this unit
5. Most recent bank statement of Reserve Account with certification from the management company that unencumbered reserves are adequate
to repair and replace major capital items in the normal course of operations without the necessity of special assessments
6. Five year history of dues increases and assessments
Occupancy Rate: A statement from the association showing the percentage of Owner Occupied units vs. Rental units.
Law Suits, Legal Actions or Judgments: A statement from the association indicating the nature and status of any pending law suits, legal
actions or judgments in which the unit owners’ association is a party.
Rights of Refusal: A statement from the association of any rights of first refusal given to a person or the association to preemptively purchase the
unit. If existing, these rights must be released or waived not later than 10 (ten) days after the Buyer’s receipt of this document.
Insurance: A certificate of insurance from the association insurance provider.
Minutes: A copy of the minutes of the three most recent board meetings and the minutes of the most recent annual meeting.
Payment of Dues and Other Financial Obligations: A statement from the association confirming when the next (assessment) payment is due, the
amount of such payment and that dues are current. Include Association Initiation fee, Reserve Contribution, Association Transfer Fee and statement
of amount of any unpaid fees, penalties, arrearages, etc., if applicable.
Community Development Charge: Documentation of community development charge, if any, applicable to the premises which was created by a
covenant in a recorded instrument. Include the following information: recorded at (county) ___________________________________,
Vol.________________, Page number___________, or Instrument number_____________. (Note: If the foregoing information is not provided
and a community development charge affects the premises, the contract may not be enforceable by the Seller or binding upon the Buyer
pursuant to Section 349.07 of the Ohio Revised Code.)
Other Documentation: ________________________________________________________________________________________________
Seller represents that the Information provided is done so in good faith based on his/her actual knowledge as of the date signed by Seller.
_______________________________ DATE/TIME ______________ _______________________________ DATE/TIME ______________
(Seller’s Signature) (Seller’s Signature)
Buyer Receipt and Acknowledgement: Buyer’s signature below does not constitute approval of any provided information.
_______________________________ DATE/TIME ______________ _______________________________ DATE/TIME ______________
(Buyer’s Signature) (Buyer’s Signature)
This checklist is to be used to assist sellers of real estate subject to homeowner association regulations in preparing for requests from buyers or
potential buyers for information related to those regulations. This document does not constitute an agreement between parties to a real estate contract,
nor is it to be construed as a warranty of any of the information provided in conjunction with this checklist.
What Are The Odds?
Real Estate Is Legalized Gambling?
Each month I create the market graphs charting the residential unit sales, dollar volume, monthly housing supply, average sales price and then interpret and explain what’s happening in the market to convey to you what it means to you in buying or selling real estate. These charts are a version of calculating the odds of selling without the use of fancy mathematical equations.
For the month of February 2011 (call me for your copy of the charts) here are the basic numbers as compared to February 2010:
· Unit Sales were up by 30 units or about 3%
· Active Inventory was up by 401 units or about 3%.
· Absorption Rate remained the same at 13.4 months of housing supply.
· Dollar volume of sales was down by just under a $1,000,000 or about 1%.
· Average sales price was down by $5,632 or about 4%.
According to Wikipedia, gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. With gambling comes risk.
Every time a seller lists their property they take a risk…a risk of it selling…a risk of it selling for under their desired terms and conditions, which by the way sometimes change along the way given the “odds” of selling.
So how does a seller increase their odds of selling?
1. Avoid the “Coulda, Woulda, Shoulda” Syndrome (looking at what they paid for it, what they owe, what they put into it, hanging on to the results of an appraisal, what others have said the property is worth).
2. Pay attention to current market data relative to the property.
3. Disregard national stats.
4. Re-examine the market data at least every month.
5. Absorb showing feedback (i.e. the number of online and physical showings, prospective buyer and agent comments, and the lack of showings). Silence can be louder than words or actions.
6. Price the property in accordance to its condition as it relates to the competition. No matter how hard an agent tries, they cannot sell an overpriced product.
Every time a buyer and seller enter into a contract they take a risk…a risk of it closing…a risk of it closing under the terms and conditions desired by each.
What I find interesting is that no one really sees their part of the transaction as being risky. How many times have I heard from a buyer or seller when something goes awry, “…but they signed a contract”, signing a contract does not guarantee desired results.
Having an accepted contract certainly increases one’s odds of heading to the closing table, but does not guarantee it. In fact, in most contracts there are a number of known hurdles that need to be cleared before closing and then there are the unknown hurdles that can arise and take people by surprise. In either the known or unknown hurdle case, there are steps you can take to increase your odds of “winning” (a.k.a. closing). Some of the more common hurdles in our market:
NOTE: References to contractual matters are based on the current Contract to Purchase available through the Cincinnati Area Board of REALTORS®, Copyright April 2009 and is not intended to be legal advice or an interpretation of any other contract form used.
Financing
Whether paying cash or acquiring a loan there are steps a buyer needs to take to satisfy this contingency or the seller may terminate the contract. I’ve seen buyers lose out on properties because they did not fulfill their end of the contract by applying for financing within the agreed upon time frame and providing either a verification of funds or a pre-approval letter from a lender or obtain a written loan commitment as set forth in the contract. I’ve seen buyers and their agents stunned, and both threatening legal action when they failed to comply with what they agreed to do. What does the contract state? “If Buyer fails…then Seller may…terminate this Contract.” Seems pretty clear to me.
BTW, a pre-approval letter is not a guarantee that the buyer will receive a loan, it only means that the lender says the information “looks good” for getting a loan but is subject to verification of information and appraisal and that nothing changes in the buyer’s financial capability (i.e. buyer loses a job, buyer’s income is decreased, buyer takes on new debt and upsets the income to debt ratio).
Inspections
If the contract is contingent upon inspections of the property satisfactory to the buyer, the buyer may accept the property as is, ask for repairs or compensation in lieu of repairs, or terminate the contract without further explanation (the most frustrating for a seller). In the case of the buyer requesting repairs or compensation for repairs, the parties enter the Settlement Period. The contract states, “If written settlement…is not reached within the Settlement Period…and Buyer has not withdrawn the request for corrections in writing, this Contract shall be null and void.” A seller may not respond within the stated time frame and the contract is rendered null and void. Why might a seller not respond? They have a back-up offer and they’ve been waiting for an opportunity to render the contract void to accept the other offer, often to the surprise of the buyer.
And remember, the contract also states, “The Buyer shall have the right to terminate the contract during the Settlement Period.” No reason required.
Appraisal
If the property does not appraise for at least the sales price, the buyer is not obligated to purchase. Hmmm…solutions?
· Seller (or Buyer) requests an appraisal review, appraiser does or does not make an adjustment, loan is or is not approved.
· Buyer walks away, seller puts house back on the market.
· Buyer agrees to bring more money to the table to bridge the gap of appraisal and sales.
· Seller agrees to lower the sales price to the appraised price.
· Seller and buyer each agree to contribute…buyer brings money and seller lowers price…a.k.a. compromise.
Title Search
Traditionally, title searches are done a couple of days before closing. What happens when the title search is done, an “unknown” lien is revealed which delays closing past the closing date, beyond the patience level of the buyer and extensions are not signed by the parties? Could become a void contract.
Contingency Sale (a.k.a. The Domino Effect)
Buyer needs to sell home before buying Seller’s home. This can get tricky when there is a “chain” of buyers. If the buyer’s home is under contract to close, each seller should be requesting a copy of the accepted contract and pre-approval letter/verification of funds of the buyer’s buyer and clearly understand the circumstances (contingencies) of the sale before accepting a contract.
For Buyers And Sellers:
Reduce Your Risk – Increase Your Odds
Step #1 – Read the contract and any and all addendums in their entirety prior to signing.
Step #2 – Ask questions of your REALTOR® and/or legal counsel if not understood.
Step #3 – Include contingencies to confirm, review, strategize and ultimately, protect your desired position (i.e. review of legal counsel, substantiation of zoning and use of property).
Step #4 – Adhere to time lines.
Cincinnati One Of The Most Affordable Cities
Business Courier
Read more: Cincinnati one of the most affordable cities | Business Courier
Forbes has released a list of the most affordable cities in the U.S. to live in, with Cincinnati ranking fifth, WCPO reported.
Greater Cincinnati recorded the fourth lowest home prices in the nation, the sixth lowest cost-of-living
and the 25th best salary prices in the nation for college graduates.
The list is based on salary amounts for college graduates, unemployment rates, cost-of-living and home prices.
Read more: Cincinnati one of the most affordable cities | Business Courier
REO's, Bank Owned Properties, Foreclosure, Short Sales, Help With Mortgage Financing, First Time Buyers, Ohio Housing Grants, Buyers and Sellers Real Estate Expert Help Is Here. Want The Latest Charts Graphs Predictions on Real Estate in Cincinnati, Ohio
Contact ME an expert professional with over 1,700 home sales, training and experience in all aspects of today's real estate market. I want to be your counselor, friend and real estate expert for life! Call, Email or Text Me, Dennis King 513-378-5464 or my email is dennis@dennisking.com. Thank You
‘Tis The Season To Be Brief…
The hustle and bustle of the holiday season is upon us, the new year is fast approaching, and here we are looking at the State of the Market for November 2010: I’ll keep it brief while hitting the highlights which you can view for yourself on the attached charts:
Active Inventory is up by 7%;
Unit Sales are down by 31% from November 2009;
Housing Supply is up by 4.5 months from same time last year;
but down by .6 months from last month;
the Average Sales Price is up 1%;
and YTD Unit Sales and Dollar Volume are down by 10% and 6% respectively.
2010 has proved to be yet another interesting year in real estate. As you look forward to 2011,
May the most you wish for
be the least you get.
May the best times you’ve ever had
be the worst you’ll ever see.
Dennis King
Stand Out In A Buyers' Market
by PJ Wade from "Realty Times"
My recent tour of the shores of southern British Columbia's Okanagan Lake revealed a wide selection of waterfront and community-adjacent rural properties sporting "For Sale" signs. How do sellers fare when there are two, three, or more listing signs visible on their street, along their stretch of shoreline, or in their condominium complex?
Sellers who have kept up their property, and continually modernized their house or condominium are well prepared for competition. Understanding current market conditions and presenting a property to showcase its unique real estate value are the skills that real estate professionals excel at. The right team, with the right attitude and marketing strategies, will captivate buyers who are actively searching, and stimulate interest in the indecisive.
During the boom, the limited number of available listings in this popular winery-dotted sun spot were hot items—a common story across Canada. Now, the OkanaganValley is a buyer's delight. More listings to chose from means more buyers can locate that special property which reflects their unique needs. Important financial and lifestyle decisions can be made at a more realistic pace, and buyers have time to learn about their new community before they jump in. In some neighbourhoods, and for some property types, prices have reversed their upward trend, bringing out-of-reach real estate within reach. Great for buyers, but unsettling for sellers who fondly recall the last boom.
Setting a market-accurate listing price may not be enough to ensure a sale when there's lots of choice. Every aspect of property value must be presented using every available communication technique:
Drive-by shopping remains a powerful selling strategy. This makes the curb in front of a property the true real estate marketplace.
If there is a real estate "For Sale" sign on the property, make sure phone numbers and other contact information are easily read on a drive-by. A clean, vertical sign is "the silent salesman", so make sure it does its job.
Real estate marketing strategies employed by listing brokers and salespeople do not merely involve sticking a sign on the lawn and an ad in the local paper, then hold an open house or two. Internet marketing extends communication reach and presents the true value of a house, cottage, or condominium in full colour, depth, and detail. Agent-to-agent marketing is invaluable when buyers are searching out that special property. Listing salespeople know the value of following-up with the real estate professionals who show the listed home. Contacting those with similar listings and, therefore, prospective buyers with relevant interest, can be particularly productive.
Clean sells, inside and out. Be extreme. Hose the dust, spider webs, and bird droppings off road-side bushes and fencing. Prune unruly trees to reveal the house. Refresh potted plants with bright, full-bloom versions for "stop and look" appeal. Polish brass door hardware. Power wash decks, driveways, siding…anything that does not look brand new.
Maintenance matters. Paint what needs to be painted. Fix what is not 100% perfect. Spruce up the driveway with fresh asphalt coating or extra gravel. Manicure the lawn. Weed and compost flower beds after edging them.
Cut the clutter. Put out garbage cans just before collection and remove them immediately. Keep them sparkly clean, too. Remove all toys, bikes, broken patio furniture, and cars. Park down the street and keep the view clear for potential buyers.
Make it easy for buyers to learn what's inside. Ask your listing salesperson to post Feature Sheets in an outdoor water-proof display holder. This will encourage buyers to stop for a closer look and to collect full details on the property. This accessible profile, coupled with agent contact information, may stimulate a cell call for a viewing. Post up-coming open house dates and times for convenience, and to emphasize that the home is actively marketed.
How is cell phone and internet access to listing information made easy for drive-by prospective buyers? Don't rely on your listing salesperson knowing every tech option in continually-changing mobile computing. What can you discover?
Ignoring other listings is not a strategy. Ask your listing salesperson about the value in a joint open house or advertising ventures with the other listings. This can be effective when the location is a special one. If your property is priced for value (that's not automatically having the lowest price) and shows well, your home may benefit from deliberate comparison. Buyers compare your home to others and will probably want to see the neighbouring listings anyway. A higher advertising profile for your location may draw buyers into this "hot" area. When buyers call for information on any listing in the area, there is always potential for them to be directed to your listing.
Tightened mortgage lending practices may limit buying in some regions, but experienced real estate and mortgage brokers know how to present the best financial options for all concerned. Sellers who work with these professionals to ensure no-hitch financing in an attractive package can stand out in a crowd of listings. Sellers who offer back-up financing like a low-interest or no-interest second mortgage may discover their net return is very attractive. Since properly-designed mortgages can be sold, this strategy does not necessarily tie a seller down financially.
Offering a higher selling commission may be a useful strategy to discuss with your listing salesperson.
Discuss procedure with your listing salesperson in case a buyer knocks directly on your front door asking for a viewing. Be prepared to react in a professional manner that will encourage the buyer. There are special skills involved in showing a property and generating an offer to purchase. If you lack these skills, personally showing prospects your home may be counterproductive.
Sellers can find that "living in a listing" is a stressful experience. Experience has proven that you'll be the loser if you spend more time whining about the inconvenience, than keeping your real estate in "buyer ready" mode.
Published: August 24, 2010 "Realty Times"
Social Benefits of Housing
Social Benefits of Housing by Carla Hill "Realty Times"
Recent research from the National Association of Realtors (NAR) outlines the importance of homeownership's relationship with the economy, but of the social benefits it provides.
NAR reports, "The economic benefits of the housing market and homeownership are immense and well documented. The housing sector directly accounted for approximately 14 percent of total economic activity in 2009."
What sorts of social benefits are provided through homeownership?
According to the study entitled, "Effects of Homeownership on Children: The Role of Neighborhood Characteristics and Family Income", teens from households of homeownership have a higher rate of staying in school than teens from rental households. In addition, daughters of homeowners also experience a lower rate of teen pregnancy.
In terms of education, in the study, “Measuring the Benefits of Homeowning: Effects on Children,” there have been significant findings that homeownership has a strong positive effect on educational achievement.
The NAR report goes even further to show that "the average child of homeowners is significantly more likely to achieve a higher level of education and, thereby, a higher level of earnings."
Homeowners deal daily with issues pertaining to home maintenance and financial responsibility, something NAR research shows teaches children "life management skills."
Studies have also found that homeownership increases the amount of civic participation in a community. This is due in part to homeowners feeling that they have a higher, more permanent stake in their community and its issues.
For example, a study by Glaeser and DiPasquale found that 77 percent of homeowners said they had at some point voted in local elections, compared with 52 percent of renters.
In addition to these great social benefits, higher levels of homeownership have shown to reduce crime rates in communities. "Homeowners have a lot more to lose financially than do renters. Property crimes directly result in financial losses to the victim. Furthermore, violent non-property crimes can impact the property values of the whole neighborhood. Therefore, homeowners have more incentive to deter crime by forming and implementing voluntary crime prevention programs." (NAR)
For more information about these studies, please visit Realtor.org.
'Day-at-the-Beach' Becomes Tougher Sell for Gulf Coast Vacation Rental Property Owners
'Day-at-the-Beach' Becomes Tougher Sell for Gulf Coast Vacation Rental Property Owners
by Broderick Perkins "Realty Tmes"
The Gulf Coast's economically pivotal vacation rental playground faces a value crunch that could cost individual properties as much as $80,000 in lost value, according to the most exhaustive study to date of the Gulf oil | |
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